Ghana’s burgeoning digital bank, Affinity, has secured funding from Renew Capital, an investment firm dedicated to supporting African ventures. This investment fuels Affinity’s mission to address a critical issue in Africa: the vast number of unbanked adults, estimated at 350 million.
Founded by Tarek Mouganie, Affinity aims to make banking accessible to all, particularly those traditionally excluded by conventional banking systems. The digital platform offers a comprehensive suite of services including checking and savings accounts, money transfers, payment processing, and loans. Notably, Affinity stands out with its commitment to affordability, offering competitive interest rates and a no-account-fee policy.
Tarek Mouganie, leading Affinity, has consistently stressed the bank’s dedication to financial inclusion. Their vision is to simplify banking processes and make it financially accessible for everyone.
Affinity’s growth trajectory has been impressive since its launch in 2020, which began with the acquisition of a Ghanaian microfinance business. Following a licence upgrade from the Bank of Ghana in 2022, Affinity’s customer base has grown to over 17,000. In the past year alone, the bank facilitated $12.5 million in loans and helped clients save a combined $26 million.
Affinity’s mission to democratise banking is further bolstered by the backing of prominent financial powerhouses. This includes Enza Capital, Launch Africa Ventures, Grazia Equity, and Nour Nouf Knowledge Company. With such strong support, Affinity is well-positioned to continue expanding access to financial services for all Ghanaians.
